I don't fit into any of those categories, but I feel I received real value. I had an AMEX card - there was an annual fee, but it also came with a 'free' return

I don't fit into any of those categories, but I feel I received real value. I had an AMEX card - there was an annual fee, but it also came with a 'free' return domestic flight. Since I went to visit my parents (interstate) at least once a year, that 'free' flight meant my card was effectively 'fee-free'. With a reasonably generous point scheme - and more importantly, one I could transfer to about 8 different airlines, I just accumulated points for a decade. In 2015, I cashed in 2/3 of my points balance for a round-the-world trip on Singapore Airlines in Suite Class (where you get your own cabin). I wasn't getting free flights each year like a business traveller, but for an effectively cost-neutral card that didn't require me to change my spending habits, I feel like a Suite Class RTW flight every 6-7 years is a decent reward.